Brookfield Renewable Partners (NYSE:BEP) Share Price Crosses Below 200 Day Moving Average – What’s Next?

Brookfield Renewable Partners L.P. (NYSE:BEP) (TSE:BEP) shares crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $33.03 and traded as low as $28.90. Brookfield Renewable Partners shares last traded at $29.2650, with a volume of 945,468 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on BEP. Canadian Imperial Bank of Commerce restated an “outperform” rating and issued a $41.00 price target on shares of Brookfield Renewable Partners in a research note on Friday, July 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $36.00 price objective on shares of Brookfield Renewable Partners in a research report on Tuesday, July 21st. Barclays set a $30.00 target price on Brookfield Renewable Partners and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. UBS Group reissued a “buy” rating and issued a $34.00 target price (down from $40.00) on shares of Brookfield Renewable Partners in a research report on Thursday, October 1st. Finally, BMO Capital Markets set a $41.00 price target on Brookfield Renewable Partners in a research note on Monday, August 17th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Brookfield Renewable Partners currently has an average rating of “Moderate Buy” and a consensus price target of $37.79.

Brookfield Renewable Partners Stock Up 0.8%

The company’s 50 day moving average price is $31.12 and its two-hundred day moving average price is $33.01. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.87. The firm has a market cap of $8.86 billion, a PE ratio of -64.19 and a beta of 1.10.

Brookfield Renewable Partners (NYSE:BEP) (TSE:BEP) last posted its quarterly earnings data on Friday, July 31st. The utilities provider reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.02). Brookfield Renewable Partners had a return on equity of 0.84% and a net margin of 4.50%. The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.56 billion. On average, equities research analysts expect that Brookfield Renewable Partners L.P. will post -1.87 EPS for the current fiscal year.

Brookfield Renewable Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st were given a dividend of $0.3920 per share. This represents a $1.57 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend was Monday, August 31st. Brookfield Renewable Partners’s payout ratio is presently -341.30%.

Institutional Investors Weigh In On Brookfield Renewable Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oak Grove Capital LLC lifted its holdings in Brookfield Renewable Partners by 71.8% during the third quarter. Oak Grove Capital LLC now owns 1,202,100 shares of the utilities provider’s stock valued at $33,827,000 after purchasing an additional 502,300 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Brookfield Renewable Partners by 44.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,460 shares of the utilities provider’s stock valued at $69,000 after purchasing an additional 757 shares during the period. Wellington Altus USA Inc. lifted its stake in shares of Brookfield Renewable Partners by 600.0% during the 2nd quarter. Wellington Altus USA Inc. now owns 3,500 shares of the utilities provider’s stock valued at $114,000 after buying an additional 3,000 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Brookfield Renewable Partners during the 2nd quarter valued at $82,000. Finally, Corient Private Wealth LP bought a new position in Brookfield Renewable Partners in the 2nd quarter worth $250,000. 63.16% of the stock is owned by hedge funds and other institutional investors.

About Brookfield Renewable Partners

Brookfield Renewable Partners L.P. is a renewable power and energy transition company that owns and operates a diversified portfolio of clean energy assets. Its main activities include generating electricity from hydroelectric, wind and solar facilities, as well as providing energy storage and other decarbonization solutions.

The company serves electricity markets and commercial, industrial and utility customers across North America, South America, Europe and the Asia-Pacific region. In addition to operating renewable power facilities, Brookfield Renewable develops new projects and invests in businesses supporting the transition to lower-carbon energy, including distributed energy and sustainable solutions.

Brookfield Renewable traces its origins to Brookfield Asset Management’s renewable power operations and became publicly listed as Brookfield Renewable Energy Partners in 2011.